Citigroup's tender for Pro Rata Funding's preferreds extended again

By Toni Weeks

San Diego, Sept. 19 - Citigroup Global Markets Inc. once again extended its tender offer for the 33,000 preferred shares issued by Pro Rata Funding Ltd., according to a company news release. The tender offer now expires at 11:59 p.m. ET on Sept. 20.

The offer was previously extended twice, the first time to Sept. 15 from Sept. 14 and the second time to Sept. 16 from Sept. 15. Withdrawal rights expired at 11:59 p.m. ET on Sept 14.

Citigroup is offering $100 per preferred.

The preferreds were sold for $1,000 each in September 2003 for a total of $33 million.

Holders must tender at least 500 preferreds in order to participate.

The offer is subject to some conditions, but it is not conditioned on financing.

Citi is a current owner of 25,275 preferreds, but it does not believe that it is an "affiliate" of the issuer within the meaning of the Securities Act.

The information agent and depositary is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, others call 866 294-2200). Questions should be directed to John Clements, managing director of Citi's structured credit group at 212 723-6173.

Citigroup is a financial services company based in New York.

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